Several analysts view the long Aussie dollar/short New Zealand dollar as a favored play on the crosses. With the pair currently trading around 1.2150, Callow sees potential for a move to around 1.30 by the year’s end.

“This cross is an attractive play whenever there is a substantial divergence in the macro fundamentals of Australia and New Zealand,” he explains. “During the second half, all the momentum seems to be in Australia’s favor, as the RBA tightens policy further into a strong economy, while New Zealand struggles.”